02-Nov-2026 07:58:17

HSBC ON PB FINTECH ; HOLD | TP ₹1,100 (EARLIER ₹1,150)

• HSBC maintains Hold rating on PB Fintech and cuts target price to ₹1,100 from ₹1,150. • Q2 earnings miss estimates as higher advertising and operating expenses weigh on profitability. • Insurance premiums grow around 38% YoY, but regulatory uncertainty remains a concern. • Cuts FY27–29 EPS estimates by 2–4% amid profitability pressures. • Cost optimisation and potential changes in commission structures remain key factors to monitor.

PB FINTECH LIMITED

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